When starting up with your business, things can seem complex and daunting. With so much high importance information to think about, allow us to assist you with our clear and explained list of the filings that your limited company must be aware of.
Business taxes
Companies House will communicate with HMRC to inform them that your business has been incorporated. HMRC will then send correspondence to the location you listed as your registered office address with Companies House. This envelope will contain information in regard to registration for business taxes, such as Corporation Tax, PAYE and VAT.
Employer registration
If you are planning to hire employees within your business, or pay yourself with a higher Director’s salary, you will need to register your limited company as an employer. You must ensure that this action has been carried out at a minimum of two weeks before you pay any employee, including yourself.
Confirmation Statement
An annual filing for Companies House is required from your limited company. This document is called a Confirmation Statement (CS01), replacing the Annual Return. This filing is to allow you to confirm that company details are accurate and up to date. The form must be completed and filed online at Companies House every 12 months with a charge of £13. You will be expected to examine the form and update any new information, such as
- Registered office address
- Details on the Directors or Company Secretaries
- The amounts due to each named Shareholder
- Details on Persons with Significant Control
Corporation Tax
Annually, you will be expected to pay 20% of your taxable income to HMRC. This does not include salaries as these are not taxable. If you don’t owe anything one year, you will still be expected to contact HMRC and inform them of this change unless your limited company has already been registered as dormant with Companies House for the entire accounting period.
Company Accounts and Tax Returns
Your limited company must submit several registered accounts to HMRC and Companies House at the end of each financial year. These can include
- Abbreviated Accounts
- Statutory Accounts
- Company Tax Return (CT600)
- Corporation Tax
The date of submission will often fall on the same date each year, allowing you to note this down and set reminders to ensure you complete and submit these forms on time each year.
Maintaining official registers
At the location of your registered office, you must complete and maintain a number of official registers in case of future inspection. They must be kept accurate and up to date at all times. These forms include:
- Register of Directors
- Register of Shareholders
- Register of Company Secretary
- Register of Person’s with Significant Control
- Register of any Director’s home addresses
For any further information, advice or assistance with your limited company and the mandatory filings, do not hesitate to get in touch with us here at Cain & Co by calling us on 020 8087 1341 and we will be happy to help you.
